Round all answers to the nearest cent. Woody's Café's real estate tax of $1,110.85 was due on November 1, 2017. Due to financial problems, Woody was unable to pay his café's real estate tax bill until January 15, 2018. The penalty for late payment is 8 1/4% ordinary interest. (A)What is the penalty Woody will have to pay and (B)what will Woody pay on January 15?

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Quizplus · Accepted Answer

Days between Jan 15 and Nov 1 = 29 + 31 + 15 = 75; A. I = $1,110.85 × .0825 × 75/360 = $19.09; B. MV $1,110.85 + $19.09 = $1,129.94.

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